Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
WNC Housing Market Moved at a Breakneck Speed in Q1 2017
So far, the local housing market is following Beverly-Hanks’ 2017 predictions for tight housing supply and quick sales.
April 11, 2017, Asheville, NC—Beverly-Hanks President Neal Hanks, Jr. recently delivered the Q1 2017 Real Estate Market Report highlighting four key metrics of the Western North Carolina real estate market.
According to the Beverly-Hanks Q1 2017 Real Estate Market Report, local housing markets are robust. The brisk sales pace is strongest in the mid-priced tiers where there is a good balance between demand and supply. Sales pace will likely moderate only as home supply continues to shrink and mortgage rates increase. The continued shortage in home supply will further amplify competition among buyers and accelerate appreciation.
“Regionally, the sales pace has picked up 15% since the same time last year,” said Hanks. “Buncombe County experienced the smallest increase in sales pace, while Haywood, Henderson, and Polk counties surged ahead with more than 20% increases over last year.”
In most communities, purchases of homes priced in the mid-to-upper price brackets gained the most, while sales for homes priced under $200,000 slowed due to a lack of inventory. In Buncombe County, homes priced under $300,000 are spending less than 30 days on the market, assuming that it takes 45 days for a transaction to reach closing.
The brisk sales pace has led to a shortage of inventory at lower price points relative to the current demand of buyers. “It’s hard to believe that a short time ago, these quarterly market reports were full of commentary on the oversupply of homes in the market. Today, we are again concerned about supply, but this time it is because of a shortage of homes relative to the current demand of buyers,” said Hanks.
Regionally, the market shift has put sellers firmly in charge of the market for homes up to $300,000. Escalating shortages for homes priced under $400,000 are expected in Buncombe and Henderson Counties as long as the current sales pace continues. Ample supply remains for properties over $600,000.
In turn, homes on the market have seen considerable year-over-year appreciation. The Federal Finance Housing Agency (FFHA) reports a regional home value increase of 7.32% over the past 12 months. Sellers’ asking prices increased 20% in Polk, Rutherford, and Transylvania counties, likely attributed to sellers testing the upper limits of their local markets as buyer demand shifts in those communities.
An understanding of market trends, coupled with extensive local knowledge, is essential for leveraging conditions to your benefit in real estate. Regions across the mountains of Western North Carolina are niche markets and cannot be blindly lumped into national real estate trends. If you would like more information about successfully buying or selling a home in WNC, our experts at Beverly-Hanks are here to help you Live the Life You Choose.
Watch Neal Hanks’ full report of the Q1 2017 real estate market at beverly-hanks.com/blog/Q1-2017-market-report. Or speak with a Beverly-Hanks real estate agent today at (866) 858-2257.
About Beverly-Hanks & Associates
The market leader since 1976, Beverly-Hanks & Associates is a full-service real estate firm offering residential and commercial sales, marketing, and consulting services in Western North Carolina. In addition to these core business platforms, Beverly-Hanks has strategic partnerships in several related industry ventures including mortgage, title insurance, and consumer facing lead procurement ventures. For more information, visit beverly-hanks.com.